Russian stocks may slightly grow amid mixed foreign background

MOSCOW, May 25 (PRIME) -- Russian stocks may moderately increase at the opening on Monday amid a mixed foreign background, analysts said.

“We expect the MOEX Russia Index to open with a moderate increase of around 0.3–0.5%, near the level of 2,720 points. The nearest support levels will be 2,700 and 2,690 points. The main resistance will be at 2,740 and 2,750 points,” Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

Before the start of trading in Russia, Brent oil futures lost 0.1%, China’s Shanghai Composite fell 0.1%, and Japan’s Nikkei225 rose 1.48%. The U.S. stock market is closed for Memorial Day.

Otkritie Broker analyst Andrei Kochetkov said, “The external background before the start of trading in Russia is mixed. On the one hand, Japan may present another package of economic stimulus, but this is unlikely to compensate for further deterioration of relations between the U.S. and China. Uncertain dynamics of oil are also an important factor for the Russian market. After four weeks of growth, consolidation, or even correction, can be expected. Therefore, at the beginning of the current five-day period slight pessimism, or consolidation, may prevail on the domestic market.”

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